Platypus Finance, a decentralized finance (DeFi) protocol, has fallen victim to yet another flash loan exploit, resulting in the loss of $2.23 million across three separate attacks that occurred on October 12, 2023, according to CertiK, a blockchain security firm.
In response to the attack, the protocol took the precautionary measure of suspending all its pools. The series of attacks unfolded methodically with the following procedure: the first attack, transpiring on October 12, saw $1.2 million extracted from the platform. Subsequently, a second attack occurred mere hours later, resulting in the theft of $575,000 worth of assets. Astonishingly, just a minute later, the third attack transpired, causing the loss of an additional $450,000 in assets.
The protocol originated as a single-side Automated Market Maker (AMM) tailored for exchanging stable cryptocurrencies (ERC20 tokens) within the Avalanche blockchain ecosystem. Over time, Platypus has sought to innovate within the stablecoin and stableswap domains by amalgamating these functionalities, utilizing its underlying assets.
The protocol operates via a network of designed to prioritize attributes like censorship resistance, security, self-custody, and capital efficiency. Its introduction of open liquidity pools for stableswap purposes represents a departure from conventional liquidity models, potentially addressing issues related to impermanent loss for liquidity providers and reducing trading slippage for users. In 2021, the platform secured $3.3 million in funding through a round led by
Go to Source to See Full Article
Author: Vince Dioquino
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
